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WHO IS ELIGIBLE TO RECEIVE SOCIAL SECURITY BENEFITS?
Anyone who pays Social Security Tax can become eligible for benefits. To join or participate in the Social Security Program, you must declare a minimum of $300 gross wages per quarter.
Please check the different insurance benefits listed under Benefit Services for additional eligibility requirements.
WHEN ARE BENEFITS PAID?
Retirement Insurance Benefit:
Paid when a person retires at the age of 60 or older.
Spouse Insurance Benefit, Child Insurance Benefit,
Lump-Sum Insurance Benefit:
Paid to surviving spouse and/or children upon the death of the wage earner.
Disability Insurance Benefit:
Paid to an eligible disabled worker of any age, but only in accordance with Social Security Eligibility Requirements.
The above benefits have additional eligibility requirements. Click on their respective links for more details.
IF I'M ELIGIBLE FOR BENEFITS, HOW MUCH CAN I RECEIVE?
If you are applying for retirement or disability insurance benefits, the amount that you are entitled to depends on what you contributed into the Social Security program. If you are surviving spouse or child, the amount that you are entitled to depends on what the deceased wage earner contributed into the Social Security program.
The minimum monthly benefit that can be received is $98.
Calculations vary according to type of benefit. For an exact formula, go to the Benefit Services page and click on the type of benefit you are interested in learning about.
HOW ARE BENEFITS FUNDED?
The Social Security Administration collects contribution (taxes) from employers and their employees on a quarterly basis. The monies collected are used to pay the benefits to the beneficiaries. Excess funds, if any, are invested.
WHAT IS THE EARNINGS TEST?
The earnings test determines whether a person receiving Social Security benefits is retired or otherwise depending on his/her benefits.
A beneficiary under the age of 65 who is still employed or later returns to work will have his benefits reduced if he/she is earning more than a specific amount.
Go to the Earnings Test page and read more about how the earnings test could affect your benefits.
WHAT IF I HAVE MORE THAN ONE REPUBLIC OF PALAU SOCIAL SECURITY NUMBER?
No one should have more than one number issued by the Republic of Palau Social Security Administration because you may lose benefits. Please contact our office immediately. Once your numbers have been identified they will be cancelled and all credits transferred to one number.
WHAT SHOULD I DO IF I THINK THAT MY EMPLOYER IS NOT REPORTING MY WAGES TO SOCIAL SECURITY?
Keep track of your records and check with the Social Security Administration. We can determine if the records are correct. If not, an adjustment will be made.
IF I STOP WORKING, WHAT WILL HAPPEN TO MY SOCIAL SECURITY WHEN I LATER RETURN TO WORK?
Nothing will happen to your Social Security; it will always be active. Interruption in employment will not affect your Social Security account.
CAN I DESIGNATE WHO WILL RECEIVE MY BENEFITS?
No, you cannot designate anyone to receive your benefits.
CAN I PAY MORE SOCIAL SECURITY THAN REQUIRED AND RECEIVE A LARGER BENEFIT?
You cannot contribute more than 6% of wages earned from one job. And no more than $5,000 of wages earned during a quarter can be taxed. However, if you have more than one job and the maximum taxable wage of $5,000 per quarter is not reached with your first job, Social Security tax will be deducted from the second source of income.
No matter how many jobs or sources of income you may have, the maximum taxable wage of $5,000 per quarter does not change.
WILL I GET A REFUND IF I CONTRIBUTED MORE SOCIAL SECURITY TAX THAN REQUIRED?
Yes. Excess employee contributions during the four quarters ending on December 31 will be refunded.
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